MT 101 Field Specifications

12. Field 23E: Instruction Code

FORMAT

Option E 4!c[/30x] (Instruction Code) (Additional Information)

PRESENCE

Optional

DEFINITION

This field specifies instructions to be used between for the account servicer of the ordering customer and the account servicer.

CODES

One of the following codes must be used (Error code(s): T47).

CHQB This transaction contains a request that the beneficiary be paid via issuance of a cheque.
CMSW This transaction contains a cash management instruction, requesting to sweep the account of the ordering customer.
CMTO This transaction contains a cash management instruction, requesting to top the account of the ordering customer above a certain floor amount. The floor amount, if not pre-agreed by the parties involved, may be specified after the code.
CMZB This transaction contains a cash management instruction, requesting to zero balance the account of the ordering customer.
CORT This transaction contains a payment that is made in settlement of a trade, eg, foreign exchange deal, securities transaction.
INTC This transaction contains an intra-company payment, ie, a payment between two companies belonging to the same group.
NETS This transaction contains a payment that should be settled via a net settlement system, if available.
PHON This transaction requires the beneficiary to be contacted by telephone and should be followed by the appropriate telephone number.
This code is meant for the last financial institution in the chain.
REPA Payment has a related e-Payments reference.
RTGS This transaction contains a payment that should be settled via a real time gross settlement system, if available.
URGP This transaction contains a time sensitive payment which should be executed in an expeditious manner.
OTHR Used for bilaterally agreed codes/information. The actual bilateral code/information needs to be specified in Additional Information.

NETWORK VALIDATED RULES

Additional Information is only allowed when Instruction Code consists of one of the following codes: CMTO, PHON, OTHR and REPA (Error code(s): D66).

In each occurrence of Sequence B: when this field is repeated, the same code word must not be present more than once with the exception of OTHR. The code word OTHR may be repeated (Error code(s): E46).

In each occurrence of sequence B: when this field is used more than once, the following combinations are not allowed (Error code(s): D67).

CHQB with CMSW
CHQB with CMTO
CHQB with CMZB
CHQB with CORT
CHQB with NETS
CHQB with PHON
CHQB with REPA
CHQB with RTGS
CHQB with URGP
CMSW with CMTO
CMSW with CMZB
CMTO with CMZB
CORT with CMSW
CORT with CMTO
CORT with CMZB
CORT with REPA
NETS with RTGS

For example:

Valid Invalid
:23E:URGP :23E:CHQB
:23E:CORT :23E:URGP
:23E:NETS
:23E:RTGS

USAGE RULES

Code REPA indicates that the payment is the result of an initiation performed via an e-payments product between the customers. This code is intended for the beneficiary's bank who should act according to the specifications of the e-payments product.

To facilitate the receiving bank's processing when multiple codes are used, the codes must appear in the following order: